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Journal Article
Do New England's public schools need finance reform? (Accountability and education reform, part 1)
Swaine, Daniel G. (1998-10)
Fiscal Facts , Issue Fall , Pages 1-5

Working Paper
Incorporating insurance rate estimates and differential mortality into net marginal Social Security tax rate calculations
Armour, Brian S.; Pitts, M. Melinda (2002)
This paper extends the literature on net marginal tax rates created by the Social Security program by including variations in both the probability of being eligible to receive benefits and income-related life expectancy. The previous literature has found that women incur a lower net marginal tax rate because they have longer life expectancies. The results presented in this paper indicate that including variations in eligibility for benefits partially reverses this result by increasing net marginal Social Security tax rates for older women. In addition, the existing literature has shown that ...
FRB Atlanta Working Paper , Paper 2002-29

Journal Article
Stark optimal fiscal policies and sovereign lending
Sarte, Pierre-Daniel G. (2006-10)
Economic Quarterly , Volume 92 , Issue Fall , Pages 337-352

Working Paper
Are TIPS really tax disadvantaged? Rethinking the tax treatment of U.S. Treasury Inflation Indexed Securities
Mercer, Jeffrey M.; Hein, Scott E. (2003)
In 1997 the U.S. Treasury introduced Inflation Indexed (or Protected) Securities with substantial promotional fanfare. Yet, due in part to what some in the finance profession have described as a "tax disadvantage" placed upon TIPS, many are questioning whether they should appeal to a wide audience. Some, in fact, advise holding TIPS only in tax-deferred accounts. In this paper, the authors develop a framework that allows us to demonstrate that the tax treatment of TIPS is trivially different from that of conventional Treasury securities. Utilizing an after-tax valuation approach, they ...
FRB Atlanta Working Paper , Paper 2003-9

Working Paper
The effects of interest rates and taxes on new car prices
Doyle, Maura P. (1997)
Utilizing the Consumer Expenditure Survey and state-level variation in taxes, this study finds that prices for most models of new cars shift by more than the amount of a sales tax. The evidence of an overshifting of prices offers support for the recent models of tax incidence in imperfectly competitive markets. The results also suggest that changes in the after-tax interest rate have offsetting effects on new car prices; a one percentage point increase in the after-tax real interest rate will prompt, on average, a mark-down of $106.
Finance and Economics Discussion Series , Paper 1997-38

Journal Article
Taxes, homeownership, and the allocation of residential real estate risks
Chatterjee, Satyajit (1996-09)
Home equity is the predominant form of savings for most Americans because it helps them save on taxes. However, homeownership also determines how the risks of fluctuations in the value of residential real estate are borne. In this article, Satyajit Chatterjee looks at how the tax benefit of homeownership has moved households toward undiversified investments in risky residential real estate by making it costly for them to rent their homes. He also points out the often overlooked risk-allocation consequences of proposed changes in the U.S. tax code.
Business Review , Issue Sep , Pages 3-10

Journal Article
Did the tax cut really cut taxes?
Rossana, Robert J.; Meyer, Stephen A. (1981-11)
Business Review , Issue Nov/Dec , Pages 3-12

Working Paper
State capital taxes and the location of investment: empirical lessons from theoretical models of tax competition
Knight, Brian (2002)
Applying insights from theoretical tax competition models, this study of manufacturing investment and taxes in U.S. states makes four contributions to the empirical tax competition literature. First, while the existing empirical literature has assumed exogenous tax rates, the theoretical model, which endogenizes state tax rate choices, demonstrates that tax rates and investment decisions are determined by the same set of jurisdiction characteristics. The endogeneity corrected estimates, which rely on instruments motivated by the theoretical model, suggest stronger responses to tax rates than ...
Finance and Economics Discussion Series , Paper 2002-59

Working Paper
Taxation with representation: intergovernmental grants in a plebiscite democracy
Lutz, Byron F. (2006)
Economic theory predicts that unconditional intergovernmental grant income and private income are perfectly fungible. Despite this prediction, the literature on fiscal federalism documents that grant and private income are empirically non-equivalent. A large scale school finance reform in New Hampshire--the typical school district experienced a 200 percent increase in grant income--provides an unusually compelling test of the equivalence prediction. Most theoretical explanations for non-equivalence focus on mechanisms which produce public good provision levels which differ from the decisive ...
Finance and Economics Discussion Series , Paper 2006-06

Working Paper
Taxation, entrepreneurship, and wealth
De Nardi, Mariacristina; Cagetti, Marco (2006)
Entrepreneurship is a key determinant of investment, saving, and wealth inequality. We study the aggregate and distributional effects of several tax reforms in a model that recognizes this key role and that matches the large wealth inequality observed in the U.S. data. The aggregate effects of tax reforms can be particularly large when they affect small and medium-sized businesses, which face the most severe financial constraints, rather than big businesses. The consequences of changes in the estate tax depend heavily on the size of its exemption level. The current effective estate tax system ...
Working Paper Series , Paper WP-06-07

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